Capital One is becoming a joke…

[anik28]

I have to laugh at Cap One. I've had a checking, savings and QS One Card for a number of years now with them. Since opening my QS 4 years ago my credit scores have gone from low 500's to now at 675-680.

I've asked for many CLI's and they always deny them. The CL has been stuck at 500$ (joke) while all my other credit card limits are in the thousands. I tried to do the pre approval to see what else they'd approve me for.... drum roll, a secured platinum card with a $200 deposit required. No thanks. My disdain with them is growing and thinking of moving my accounts over to another bank.

[FinStar]

The deposit side of things will not influence anything on the credit side, particularly CCs when it comes to Capital One. If you're curious as far as to why specific accounts appear to be stagnant or tranched, you may want to read the following thread:

https://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Asset-Backed-Securities-ABS-and-w...

[TattnallTrio]

I had a bucketed QS Card (was a CapOne Journey Visa then I upgraded it to QS) and it stayed at $500 as well. I closed it and told the representative that my issue was the credit limit. 

We have the right to vote with our feet and maybe they'll realize their "bucketing" is costing them business. 

[anik28]

@FinStarwow, very eye opening post. Basically they're making more money off me with my very low limit QS, even though I am now not in that subprime tier anymore.

I may just close the card in a couple of months, it's becoming worthless to me as the cash back rewards on a small limit are minuscule.

[longtimelurker]

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@TattnallTrio wrote:

I had a bucketed QS Card (was a CapOne Journey Visa then I upgraded it to QS) and it stayed at $500 as well. I closed it and told the representative that my issue was the credit limit. 

We have the right to vote with our feet and maybe they'll realize their "bucketing" is costing them business. 

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RIght, but also assume the issuers have some understanding of their financials.   Losing good custoers because of bucketing might be acceptable if it reduces defaults caused by too free CLIs.

But it is good to have choices!

[FinStar]

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@anik28 wrote:

@FinStarwow, very eye opening post. Basically they're making more money off me with my very low limit QS, even though I am now not in that subprime tier anymore.

I may just close the card in a couple of months, it's becoming worthless to me as the cash back rewards on a small limit are minuscule.

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It is a very interesting article, indeed.

Nothing wrong with moving to different pastures once Capital One has served its purpose when establishing or growing your profile years ago. So, if it no longer serves a long term purpose, it's ok to move on -- especially if you already have other cards. With that said, there's nothing wrong with some of their products (IMO), but not every lender will be a fit for everyone.

[anik28]

@FinStar I've wanted the Venture or the new Venture X for some time now, I think I need to be in the 720+ to get it though, so maybe closing the QS one will allow me to have a different product with them in the future, one with a real limit. I find myself making multiple payments a cycle because I use it so much.

do you think there's a possibility of me ever getting a better product with them or I'm basically tanned for life with a "sub prime" label

[FinStar]

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@anik28 wrote:

@FinStar I've wanted the Venture or the new Venture X for some time now, I think I need to be in the 720+ to get it though, so maybe closing the QS one will allow me to have a different product with them in the future, one with a real limit. I find myself making multiple payments a cycle because I use it so much.

do you think there's a possibility of me ever getting a better product with them or I'm basically tanned for life with a "sub prime" label

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No, you're not tanned for life lol.

Plenty of folks have been able to obtain better/different Capital One products once they've moved from a specific scorecard or credit profile. Hopefully, some members can chime in with those experiences. An item to keep in mind, just because you may have had a specific profile at a point in time (either building or rebuilding), it doesn't mean that Capital One (or other lenders) will label you as such for life. As the quality improves, so do the offers/products.

I can recall some folks posting about having tranched QS, QS1 or Platinum accounts, closing them, then waiting a few years and getting products like Savor, Savor One or even Venture. Anything is possible.

[notmyrealname23]

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@FinStar wrote:

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@anik28 wrote:

@FinStar I've wanted the Venture or the new Venture X for some time now, I think I need to be in the 720+ to get it though, so maybe closing the QS one will allow me to have a different product with them in the future, one with a real limit. I find myself making multiple payments a cycle because I use it so much.

do you think there's a possibility of me ever getting a better product with them or I'm basically tanned for life with a "sub prime" label

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No, you're not tanned for life lol.

Plenty of folks have been able to obtain better/different Capital One products once they've moved from a specific scorecard or credit profile. Hopefully, some members can chime in with those experiences. An item to keep in mind, just because you may have had a specific profile at a point in time (either building or rebuilding), it doesn't mean that Capital One (or other lenders) will label you as such for life. As the quality improves, so do the offers/products.

I can recall some folks posting about having tranched QS, QS1 or Platinum accounts, closing them, then waiting a few years and getting products like Savor, Savor One or even Venture. Anything is possible.

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It me, as the kids say.

Bucketed Platinum (consolidated some crappy subprime cards when C1 bought places like Orchard Bank)

Then declared Chapter 13 with C1 IIB

Then came back out, C1 gave me another bucketed Platinum, but with a non-toy limit (3k with an eventual boost to 3.5k)

Eventually was able to apply for a Venture, PC the Platinum to a QS and close it, PC the Venture to a VentureX and open a SavorOne (per my signature).

I think a VentureX/SavorOne combo is a seriously underrated combination as a duo set of daily drivers- you can swap SavorOne $ to VentureX points so you really have a 3x dining/groceries/entertainment/streaming card to pair with 2x everywhere. You're also getting travel insurance, lounge access, transfer partners. The travel portal is a bit quirky but as an Expedia replacement for non-chain hotels it's fine. In effect if you can make full use of the $300 annual portal credit this card is free in year 2 onward thanks to the 10,000 anniversary bonus (I would expect the card to bump up the AF at some point).

[KJinNC]

Cap 1 has some cards I might be interested in, if they didn't do triple pulls. Right or wrong, they aren't really on my radar for cards I may ever get, because of that.

But as far as what the OP posted, something that comes up a lot here is that somebody will say something like: "I've had a Cap 1 card for eight years. At the time, it was all I could get. Now I have lots of other cards, but my Cap 1 card still has a credit limit of $500. What should I do?" And my answer is basically always, close it. Not just Cap 1, but any card that doesn't serve your needs and is more annoying than useful, I'd probably close. That said, as long as it isn't secured (so you don't have money sitting there doing nothing) and it does not have an annual fee, I guess there's no real harm in leaving it open, but I'd just rather simplify my life and move on. This card may get some modest credit limit increases, but it will never grow to the size of your newer cards or anything you could open now.

As for Cap 1 as a bank, I have never used them for that, but I would look into credit unions instead.

JMO, good luck!